The S&P/ASX 200 Index (ASX: XJO) is having a subdued start to the week. In afternoon trade, the benchmark index is down 0.15% to 8,080.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Image source: Getty Images
Bellevue Gold Ltd (ASX: BGL)
The Bellevue Gold share price is down almost 7% to $1.18. This follows the release of the gold miner's full year results this morning. Bellevue Gold reported a maiden net profit after tax of $75 million. While Goldman Sachs was forecasting a profit of $73 million, it seems that some investors were expecting more. Bellevue Gold's guidance for production of 165,000 ounces to 180,000 ounces with an all-in sustaining cost (ASIC) of A$1,750 to A$1,850 per ounce was also in line with Goldman's estimate. It is expecting 170,000 ounces at A$1,807 per ounce in FY 2025.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum Asset Management share price is down 3.5% to 96 cents. This appears to have been driven by the release of a bearish broker note out of UBS this morning. According to the note, the broker has downgraded the fund manager's shares to a sell rating with a trimmed price target of 91 cents. The broker has been disappointed with the company's financial and investment performance.
REA Group Ltd (ASX: REA)
The REA Group share price is down 7.5% to $202.53. Investors have been selling this property listings company's shares after it revealed that it could make an offer to acquire UK peer Rightmove (LSE: RMV). REA advised that it sees a transformational opportunity to apply its globally leading capabilities and expertise to enhance customer and consumer value across the combined portfolio and to create a global and diversified digital property company, with number one positions in Australia and the UK. Rightmove has a valuation of GBP4.4 billion ($8.5 billion). This means that a deal would likely be in the region of $11 billion+.
Strickland Metals Ltd (ASX: STK)
The Strickland Metals share price is down 15% to 9.8 cents. This follows the release of drilling results from the 100%-owned Horse Well Gold Camp in Western Australia. Management notes that Horse Well Gold Camp continues to emerge as a large-scale gold system consisting of a series of what are now believed to be a network of interconnected mineralised structures. Management commented: "It is exciting to see the interconnected nature of these ore-controlling structures, which is giving us confidence that potentially a very large gold deposit may be emerging at Horsewell." This could be a case of buy the rumour, sell the news.
